Conceptual Framework
- Accounting
Income Recognition Principle: Fair Value Of Land
Income Recognition Principle: Do You Think The Fair Value Of The Land Is Income To The Company?  The fair value…
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Characteristics Of A Liability As Per Conceptual Framework
Essential characteristics of a liability : A liability is defined in the current Conceptual Framework as ‘a present obligation of…
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Characteristics Of An Asset In Accounting
Not everything in accounting can be treated as assets. Recognition of liabilities, expenses and revenues are having specific recognition criteria.…
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Importance Of The Going Concern Assumption In Accounting
Under the going concern assumption or otherwise going concern concept, an entity will continue its business operation for an indefinite…
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Enhancing Qualitative Characteristics Of Financial Information
There are two important Qualitative Characteristics Of Financial Information such as Relevance and Faithful Representation. Beside these, the Conceptual Framework…
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Qualitative Characteristics Of Financial Information
Accounting information should be user friendly. It must me trustworthy and reliable. Materiality is also an important concept. Materiality is…
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Objectives Of General Purpose Financial Reporting
Objectives of general purpose financial reporting : Paragraph OB2 of the IASB Conceptual Framework states The objectives of general purpose…
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What are the potential benefits of a global set of accounting standards?
 Potential benefits of a global set of accounting standards include:  Using a principles based approach which allows more scope for…
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